Oculus VR is demonstrated a new prototype of their virtual reality headset at CES, which is rumored to debut this summer.

The Oculus Rift is a virtual reality headset that allows users to step inside virtual worlds. It provides a stereoscopic 3D experience with a huge field of view - 110 degrees diagonally - that overcomes many of the challenges that virtual reality faced in the past.

The latest prototype, code-named "Crystal Cove," is an improved version over the company's first virtual reality headset. The new device is featuring sensors and a camera to track the position of both users' head and body and provide more accurate simulated movement. The Crystal Cove features a 1080p OLED display and has positional-tracking capabilities thanks to an array of sensors mounted around the edges of the unit, which are monitored by an external camera. This means that the virtual environment the user experiences moves in sync with the user's head movements.

The new about a possible commercialization date of the Crystal Cove came from a joint venture between Virtuix and Virtual World Web called "Holodeck v 1.0", which combines the Oculus Rift, the Virtuix Omni treadmill, and software from Virtual World Web to create fully immersive environments and worlds. Brian Shuster, CEO at Virtual World Web, said at CES that the product will launch for $999 this summer, and will include the Oculus Rift headset.

The latest Rift is a created a device that may usher in an era of immersive gaming and entertainment, and even create new opportunities for businesses to use virtual reality in everything from manufacturing to medical environments.

Oculus VR, has recently raised $75 million in Series B funding to finalize development of its virtual reality platform and ecosystem. Within 16 months, the company has grown from a startup to a company whose technology is poised to change the way we play, work and communicate, according to Brendan Iribe, CEO of Oculus VR.

The company has also sold more than 40,000 Oculus Rift development kits to developers that are actively supporting the headset.